As selling accelerates, Bitcoin has dipped to $105,250, raising the likelihood of further price declines.
Current Situation of Bitcoin Market
Tuesday proved to be unsuccessful for Bitcoin, which fell to $105,250 after failing to break above the $109,000 mark on Sunday and Monday. Bitfinex analysts stated in their market report that Bitcoin might have formed a local top or may enter a consolidation phase.
Bitcoin Price Predictions
Bitcoin remains sandwiched between the downtrend line and moving averages, indicating a possible range expansion in the coming days. The moving averages indicate a slight edge for the bulls, but the relative strength index (RSI) shows a lack of bullish momentum. If the price slips below the moving averages, the BTC/USDT pair may fall to $104,500 and below that to $100,000, retaining a bearish descending triangle pattern.
Key Support and Resistance Levels
The bearish setup will be invalidated if the price rebounds off the moving averages and rises above the downtrend line. Buyers are expected to defend the $104,500 level, as failure to do so could precipitate a drop to the psychological support at $100,000.
The situation in the Bitcoin market remains tense, and it is crucial for investors to monitor key levels that might dictate future price dynamics.
